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Desperation. Greece imposes surcharges, limits on bank withdrawals

What Greece should do

What Greece should do

It’s an ominous sign when a country is so afraid of capital flight that it limits the amount of cash withdrawals and transfers and penalizes them as well with “surcharges.”Of course, smart money has already gotten its money out of the collapsing economy that is Greece, so it’ll be small and medium-sized businesses as well as the hapless populace that gets screwed, as the government siphons money from them to in a pointless ploy to pay off the banksters and avoid default.

Greece has revealed it is to introduce a surcharge for all cashpoint withdrawals and financial transactions in a desperate attempt to prevent citizens withdrawing their money from the country’s beleaguered banks.

Ministers hope the controversial move could raise as much as €180 million, which the Athens government hopes will help the country avoid defaulting on debts owed to international creditors…

Greece owes €700 million to the IMF on Monday and since it struggled to come up with €200 million yesterday, has no apparent way of making the payment. The supposed radical government has mostly been a timid lapdog, begging IMG and EU for a few small favors rather than doing what Iceland did and repudiate the debt as the sign by the protester suggests.

With Varoufakis now sidelined, talks looked set to move forward but have now stalled amid what some officials have described as intractable differences between the “red lines” adopted by the IMF and the supposedly more lenient terms favored by the EU.

As always, the comments on Zero Hedge are biting, humorous, on target.

It’s your money. Just don’t ask for it

Damn it Jim, I’m a doctor, not an ECB banker. How many times do you want me to bring that dead guy back to life?

The sooner we rip the Band-Aid off, the sooner the pain can get over.

I can’t believe there would be any Greeks with any money in a bank at this point.

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